PCIEE: North Country Bank & Trust Issues Irrevocable Letter of Credit No. 1829 In Favor of the Zaremba Group, LLC.
Business Editors
LONG BEACH, Calif.--(BUSINESS WIRE)--March 1, 2000--Pacific International Enterprises Inc. (Symbol:PCIEE) releases latest news.
The Letter of Credit in the amount of $200,000.00 satisfies the "down payment" requirements of Section 1.03 of the Agreement dated January 31, 2000 between The Zaremba Group LLC and the Murray's.
Payment shall occur when the buyer has been able to complete physical verification, and, if such verification is satisfactory, and the Murrays have the absolute right, as ordered by the Bakruptcy Court, to take possession of, and remove the collateral, as defined in the Agreement, from its current location at Goldendale without hindrance from ay other party.
Statements in this release are made pursuant to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that such forward-looking statements involve risks and uncertainties, including, without limitation, continued acceptance of the company's products, increased levels of competition for the company and dependence on third party suppliers. |
